Two pan­els set up for GST roll out

The Gov­ern­ment is mov­ing in full swing to the im­ple­ment the Goods and Ser­vices Tax (GST) on the stip­u­lated date of April 1, 2016. Min­is­ter of Fi­nance Arun Jait­ley has con­sti­tuted two pan­els. One of them is to be spear­headed by the Chief Eco­nomic Ad­vi­sor and would look into the IT pre­pared­ness and sug­gest tax rates com­men­su­rate with the cur­rent level of tax col­lec­tion in states and cen­tre.

The two pan­els have also been en­trusted with the task to gauge the im­pact the GST would have on var­i­ous in­dus­try sec­tors and states. They will be re­view­ing the re­port sub­mit­ted by the states. They would also mon­i­tor the con­sul­ta­tions un­der­way with var­i­ous stake­hold­ers from in­dus­try and trade com­mu­nity.

State gov­ern­ments have been asked to gear up with the req­ui­site back-end IT in­fra­struc­ture needed for au­dit and as­sess­ment.